The Archer Era

[seagullsovergrimsby]

So he sold the ground for £7m and it was then sold for £23m. Did he make any money when it was sold for £23m. Apologies if I have misunderstood.

The Goldstone was sold in July 1995 for £7.4M to property developers but there was no alternative site or funding in place for a new stadium. We had to lease the Goldstone back for another season at a cost of £480k or else we would have been homeless. Chartwell Land only agreed to this because they didn't get full planning permission for a supermarket/warehouse. With planning permission for a retail park , Chartwell sold on the Goldstone site for £23M. Archer as far as we know didn't make any extra dosh when the Goldstone was sold on.

 

[Brian Fantana]

The Goldstone was sold in July 1995 for £7.4M to property developers but there was no alternative site or funding in place for a new stadium. We had to lease the Goldstone back for another season at a cost of £480k or else we would have been homeless. Chartwell Land only agreed to this because they didn't get full planning permission for a supermarket/warehouse. With planning permission for a retail park , Chartwell sold on the Goldstone site for £23M. Archer as far as we know didn't make any extra dosh when the Goldstone was sold on.

So the feeling is that he made a quick sale to profit from the £7m, before people truly realised what he was up to?

If a decent chairman had been in place, we could have sold the ground for £23m (if needed) and found a viable alternative?

 

[The Large One]

That's the key point - 'as far as we know'.

So far, no-one has found the smoking gun linking the second sale to Archer, which leads to one of the following possibilities...

1. He knew the real value of the lands, was in on the re-sale for a few quid, and has done an excellent job of keeping it quiet or
2. He is an appalling salesman for not realising the full value of the land in the first place, thereby selling Brighton short (and out)

 

[Barry Izbak]

That's the key point - 'as far as we know'.

So far, no-one has found the smoking gun linking the second sale to Archer, which leads to one of the following possibilities...

1. He knew the real value of the lands, was in on the re-sale for a few quid, and has done an excellent job of keeping it quiet or
2. He is an appalling salesman for not realising the full value of the land in the first place, thereby selling Brighton short (and out)

Spot On.

Either this highly successful salesman and well connected multi millionaire dropped a bollock by under valuing something he was selling by 65%, or there is evidence, as yet undiscovered, to the contrary

And to add a bit of balance, Bellotti is a slimy coniving bastarrd.

 

[Barrel of Fun]

So the feeling is that he made a quick sale to profit from the £7m, before people truly realised what he was up to?

If a decent chairman had been in place, we could have sold the ground for £23m (if needed) and found a viable alternative?

The debts were structured by Archer and Stanley. The club used to 'miss' repayments of these debts and penalty clauses were invoked and a financial sum was then liable to be paid to those that were owed the money... Archer and Stanley (along with others, I guess).

If we had a decent chairman, we could have restructured the debts, avoided all the penalty clauses and quite possibly attracted some finance to avoid having to sell the Goldstone until we had plans afoot or a new stadium built. Oh and a decent chairman would not have completely ignored the playing side, deliberately pushing us down the league to strengthen their stranglehold on the club.

 

[Nottseagull]

If a decent chairman had been in place, we could have sold the ground for £23m...?

No, seagullsovergrimsby forgot to state that this was the value of the site after redevelopment.

 

[Raphael Meade]

wasn't archers son in law (or son/nephew or whatever) working for chartwell, who sold it on for £23m?? nice bit of insider trading, or the footballing/property equivalent!

 

[Nappy thrower]

It makes you wonder why the Bloom family didn't step in then.

 

[Barrel of Fun]

It makes you wonder why the Bloom family didn't step in then.

It does, doesn't it? They are old money and have long been involved with the club (since the 60s?). Ray Bloom being the last man to leave the board...

 

[liverpool_one]

Once upon a time in 1993 a man called Archer bought into a football club for £56.25 year or two later after employing a twat of a M.D Archer changed the articles of association and brokered a deal to sell the Goldstone Ground the clubs home for £7m rendering them homeless it is thought Archer and his fellow directors sought to profit personally from the deal. Fan power ensured the original clause was reinstated and then a shining Knight took over the club and looked to build a new home which is almost ready. And we all may live happily ever after.

well done. best article i have seen from you.

 

[The Large One]

well done. best article i have seen from you.

Though not completely accurate.

 

[Deleted User X18H]

Though not completely accurate.

Really

 

[seagullsovergrimsby]

No, seagullsovergrimsby forgot to state that this was the value of the site after redevelopment.

I thought Chartwell Land sold the site on for £23M after getting the necessary planning permission for a retail park after they failed to get full planning permission for a supermarket/warehouse. Once it was built on it was worth a lot more than they paid for it , did they redevelop and then sell it or was it just the plot with the planning permission and another developer built the retail park ?

 

[Deleted User X18H]

The site was sold by Archer/Stanley in 1995 to Chartwell it was then sold to Standard Life( I think) in late 1998. Land and property prices in Hove had escalated in those 3 or years believe me. £16m is quite a jump though granted. Just shows what an underhand smash and grab it was by all concerned.

 

[attila]

Where the difference between the £7m and the £23m went is something many of us would like to know, but even those who are good at ferreting such things out (take a bow Mr Samrah) haven't been able to prove.
The £56.25 represents 56.25% of the shares in a £100 off the peg company which Archer formed and called Foray 585 after he had got control of the club from former chairman Stanley and the other directors. The remaining shares in that company (ie 43.75%) were given to Greg Stanley. Archer had worked for Stanley at FADS/Focus DIY, lived in Lancashire, and had no recorded interest in football.

 

[El Presidente]

Archer also lent the club about £1.4million, and when he severed all interest in the Albion agreed to write off £700k of the outstanding debt.

What his motives were, altruism, a desire to avoid Albion fans causing disruption in the run up to a flotation of Focus DIY, or simply to avoid Attila and his fiddle ever appearing again outside the front door in Mellor, have never been determined.

 

[Deleted User X18H]

Where the difference between the £7m and the £23m went is something many of us would like to know, but even those who are good at ferreting such things out (take a bow Mr Samrah) haven't been able to prove.
The £56.25 represents 56.25% of the shares in a £100 off the peg company which Archer formed and called Foray 585 after he had got control of the club from former chairman Stanley and the other directors. The remaining shares in that company (ie 43.75%) were given to Greg Stanley. Archer had worked for Stanley at FADS/Focus DIY, lived in Lancashire, and had no recorded interest in football.

Don't forget re-negotiating all those loans with the Co-op Bank( not so ethical then obviously) and then stating the bank was putting the squeeze on, there was definitely some bull shit about this which didn't add up later.

Who was that guy Kevin someone from Haywards Heath that baloney got on board who was supposed to be a millionaire but lived with his mum?

 

[skipper734]

Archer also lent the club about £1.4million, and when he severed all interest in the Albion agreed to write off £700k of the outstanding debt.

What his motives were, altruism, a desire to avoid Albion fans causing disruption in the run up to a flotation of Focus DIY, or simply to avoid Attila and his fiddle ever appearing again outside the front door in Mellor, have never been determined.

Wasn't he advised by the company running the flotation to settle with the club, to avoid trouble and bad publicity at the time of the attempted aborted flotation?

 

[Freddie Goodwin.]

It should also be noted that Stanley & Archer were far richer than Knight, even before selling the Goldstone.

They could have put real money into the club, if that had been their intention, but all they saw was a prime peice of real estate. by running the club down, fans would lose interest and gates dwindle. By effectivly loaning the club at an interest rate they could set and with many penalties, when the money eventually came in from the sale of the ground 'to pay the debts' effectivly meant to pay themselves.

They reckoned the people of Sussex were not football people and the ckub would just die. They were wrong.

 

[The Peanut Roaster]

It should also be noted that Stanley & Archer were far richer than Knight, even before selling the Goldstone.

They could have put real money into the club, if that had been their intention, but all they saw was a prime peice of real estate. by running the club down, fans would lose interest and gates dwindle. By effectivly loaning the club at an interest rate they could set and with many penalties, when the money eventually came in from the sale of the ground 'to pay the debts' effectivly meant to pay themselves.

They reckoned the people of Sussex were not football people and the ckub would just die. They were wrong.

Spot on.